Understanding Hawaii's State Mandates for Retirement Plans: Options and Compliance
Help clients understand Hawaii's state-mandated retirement program and explore the alternative solutions to satisfy the mandates as well as meet their business needs.
Key Points
- State Mandate Compliance: Inform clients about Hawaii's retirement program requirements, including the need for employers with one or more employees to offer a retirement plan.
- Hawaii Retirement Savings Overview: Highlight the features of the Hawaii Retirement Savings program, such as automatic enrollment, contribution rates, and the minimal administrative responsibilities for employers.
- Alternative Retirement Plans: Explain the benefits of other plans that satisfy the mandate, like 401(k) and PEPs, highlighting their flexibility, contribution limits, and potential tax advantages for both employers and employees.
December 01, 2024